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They include Abu Dhabi Investment Authority, Tiger Management LLP, Sumitomo Mitsui Financial Group, Haitong Securities Co., Ltd. (SHSE: 600837) and etc. Actually, both Abu Dhabi Investment and Tiger Management inquired about the shares when the insurer launched a road show for a HK IPO last year.
CPIC, a smaller domestic rival of China Life Insurance Co., Ltd. (SHSE: 601628 and SEHK: 2628), recently gained approval from the China Insurance Regulatory Commission, the top Chinese insurance regulator, to raise at least CNY 23.52 billion via issuing not more than one billion shares at not lower than CNY 23.52 apiece in an IPO on the Stock Exchange of Hong Kong. The proceeds will be mainly used to replenish capital and fuel expansion.
It still needs to win a nod from the China Securities Regulatory Commission and the Stock Exchange of Hong Kong. And provided that the stock markets in both the mainland and Hong Kong remain stable, it is expected to debut on the Hong Kong bourse before the end of this year, said industry observers.
Carlyle Group, a foreign shareholder of the insurer, will benefit much from the IPO. The cost for it to buy into the Chinese company is not more than CNY 5 per share; it is expected to earn at least about CNY 24.7 billion if it sells the shares it controls in the latter at CNY 23.52 apiece.
CPIC was listed on the Shanghai Stock Exchange on December 25, 2007 and intended to issue not more than 900 million shares in an IPO on the Hong Kong bourse on September 14, 2008. In order to protect the interest of its A-share investors, it promised that the price of the H shares would be not lower than that of the A shares. However, its A shares fell sharply due to recession in the domestic stock market last year. Hurt by that, it laid the plan on the table. Driven by rebound of the Hong Kong stock market this year, it resumed the plan in June.
CPIC shares dropped 3.3 percent to close at CNY 21.39 on September 28.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (September 29, 2009)
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